Oklahoma City-based Devon Energy recently reaffirmed its 2024 production forecast of about 650,000 boed, but Devon said it expects first quarter production to be down about 2 percent because of curtailments caused by severe winter storms. The storms shut down refineries on the Gulf Coast in Texas and limited production in North Dakota to about 50 percent.
Devon’s fourth quarter production in 2023 rose to about 662,000 boed (636,000 in 4Q in 2022), including 317,000 b/d of oil, supported by strong production from Delaware Basin (65 percent of Devon production). Devon added a fourth frac crew in Delaware Basin in January and expects its capital program to be weighted toward the first half of 2024,
Rick Muncrief, president and CEO, said Feb 27, “We have designed a plan to deliver a step-change improvement in capital efficiency. By allocating additional capital to the core of the Delaware Basin and high-grading activity across our diversified portfolio, we expect to efficiently sustain our oil production for roughly 10 percent less capital.”